FTNT vs. SPMO

Last updated Aug 1, 2026

FTNT (Fortinet, Inc.) is a stock, while SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index. Over the past 10 years, FTNT returned 37.30%/yr vs 19.57%/yr for SPMO. Their 0.48 correlation means their historical movements had little consistent relationship.

Performance

FTNT vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortinet, Inc. (FTNT) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTNT achieves a 103.94% return, which is significantly higher than SPMO's 21.07% return. Over the past 10 years, FTNT has outperformed SPMO with an annualized return of 37.30%, while SPMO has yielded a comparatively lower 19.57% annualized return.

FTNT

• 1D: 4.99%
• 1M: 1.87%
• 6M: 99.30%
• YTD: 103.94%
• 1Y: 62.11%
• 3Y*: 27.56%
• 5Y*: 24.36%
• 10Y*: 37.30%
• ALL TIME*: 31.37%

SPMO

• 1D: 0.29%
• 1M: -7.40%
• 6M: 20.51%
• YTD: 21.07%
• 1Y: 25.37%
• 3Y*: 37.36%
• 5Y*: 20.21%
• 10Y*: 19.57%
• ALL TIME*: 18.93%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTNT Fortinet, Inc.	$952.63M	$852.74M	$900.80M
SPMO Invesco S&P 500 Momentum ETF	$331.54M	$346.70M	$350.59M

FTNT vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTNT Fortinet, Inc.	103.94%	-15.95%	61.42%	19.72%	-31.98%	141.97%	39.13%	51.58%	61.20%	45.05%
SPMO Invesco S&P 500 Momentum ETF	21.07%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between FTNT and SPMO is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.49
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.48

Over the past year, the correlation between FTNT and SPMO has dropped to 0.28 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

FTNT vs. SPMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTNT

FTNT Risk / Return Rank: 81
FTNT Sharpe Ratio Rank: 83
FTNT Sortino Ratio Rank: 77
FTNT Omega Ratio Rank: 83
FTNT Calmar Ratio Rank: 84
FTNT Martin Ratio Rank: 76

SPMO

SPMO Risk / Return Rank: 46
SPMO Sharpe Ratio Rank: 43
SPMO Sortino Ratio Rank: 43
SPMO Omega Ratio Rank: 45
SPMO Calmar Ratio Rank: 46
SPMO Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTNT vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortinet, Inc. (FTNT) and Invesco S&P 500 Momentum ETF (SPMO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FTNT	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.07	+0.30
Sortino ratio: Return per unit of downside risk	1.88	1.56	+0.32
Omega ratio: Gain probability vs. loss probability	1.29	1.21	+0.08
Calmar ratio: Return relative to maximum drawdown	2.55	1.63	+0.92
Martin ratio: Return relative to average drawdown	4.11	5.93	-1.82

FTNT vs. SPMO - Sharpe Ratio Comparison

The current FTNT Sharpe Ratio is 1.37, which is comparable to the SPMO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of FTNT and SPMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FTNT vs. SPMO - Drawdown Comparison

The maximum FTNT drawdown since its inception was -51.20%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for FTNT and SPMO.

Drawdown Indicators

	FTNT	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-51.20%	-30.95%	-20.25%
Max Drawdown (1Y) Largest decline over 1 year	-24.52%	-15.64%	-8.88%
Max Drawdown (3Y) Largest decline over 3 years	-35.07%	-20.13%	-14.94%
Max Drawdown (5Y) Largest decline over 5 years	-38.32%	-22.74%	-15.58%
Max Drawdown (10Y) Largest decline over 10 years	-38.32%	-30.95%	-7.37%
Current Drawdown Current decline from peak	-2.93%	-11.03%	+8.10%
Average Drawdown Average peak-to-trough decline	-16.12%	-4.62%	-11.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.09%	4.29%	+11.80%

Volatility

FTNT vs. SPMO - Volatility Comparison

Fortinet, Inc. (FTNT) has a higher volatility of 11.57% compared to Invesco S&P 500 Momentum ETF (SPMO) at 10.53%. This indicates that FTNT's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTNT	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.57%	10.53%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	32.98%	21.52%	+11.46%
Volatility (1Y) Calculated over the trailing 1-year period	45.60%	23.90%	+21.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.22%	20.60%	+23.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.85%	20.92%	+19.93%

Dividends

FTNT vs. SPMO - Dividend Comparison

FTNT has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTNT Fortinet, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.73%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both FTNT and SPMO in my portfolio?

FTNT and SPMO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTNT or SPMO?

FTNT has higher volatility (11.57%) compared to SPMO (10.53%). In terms of maximum drawdown, FTNT dropped -51.20% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

FTNT currently has the higher Sharpe Ratio (1.37 vs 1.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.